Jane Street Group LLC lowered its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 62.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,176 shares of the insurance provider’s stock after selling 5,260 shares during the period. Jane Street Group LLC’s holdings in RenaissanceRe were worth $429,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RNR. Nepsis Capital Management Inc. boosted its position in shares of RenaissanceRe by 29.4% during the third quarter. Nepsis Capital Management Inc. now owns 58,577 shares of the insurance provider’s stock valued at $7,916,000 after buying an additional 13,297 shares during the period. Lagoda Investment Management L.P. boosted its position in shares of RenaissanceRe by 0.6% during the third quarter. Lagoda Investment Management L.P. now owns 149,087 shares of the insurance provider’s stock valued at $20,148,000 after buying an additional 847 shares during the period. First Republic Investment Management Inc. purchased a new position in shares of RenaissanceRe during the third quarter valued at approximately $490,000. Prospector Partners LLC boosted its position in shares of RenaissanceRe by 1.1% during the third quarter. Prospector Partners LLC now owns 93,974 shares of the insurance provider’s stock valued at $12,700,000 after buying an additional 1,020 shares during the period. Finally, Accident Compensation Corp boosted its position in shares of RenaissanceRe by 2.7% during the third quarter. Accident Compensation Corp now owns 38,481 shares of the insurance provider’s stock valued at $5,200,000 after buying an additional 1,000 shares during the period. Institutional investors own 93.33% of the company’s stock.
RNR has been the subject of several recent analyst reports. Buckingham Research initiated coverage on RenaissanceRe in a research report on Monday, September 11th. They set a “buy” rating and a $165.00 target price for the company. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and boosted their target price for the company from $151.00 to $157.00 in a research report on Thursday, November 2nd. Morgan Stanley dropped their target price on RenaissanceRe from $144.00 to $142.00 and set an “equal weight” rating for the company in a research report on Thursday, November 2nd. Wells Fargo & Company set a $140.00 target price on RenaissanceRe and gave the company a “hold” rating in a research report on Tuesday, October 31st. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $136.00 target price on shares of RenaissanceRe in a research report on Monday, October 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. RenaissanceRe currently has a consensus rating of “Hold” and a consensus target price of $148.38.
In related news, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total value of $677,900.00. Following the completion of the sale, the chief executive officer now owns 193,447 shares in the company, valued at $26,227,544.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Sean G. Brosnan sold 1,391 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $135.73, for a total value of $188,800.43. Following the completion of the sale, the senior vice president now owns 8,405 shares of the company’s stock, valued at approximately $1,140,810.65. The disclosure for this sale can be found here. Insiders sold 16,391 shares of company stock valued at $2,199,400 in the last quarter. 1.80% of the stock is owned by company insiders.
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at $127.34 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.66. RenaissanceRe Holdings Ltd. has a twelve month low of $120.55 and a twelve month high of $152.00.
RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). The firm had revenue of $483.22 million during the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The firm’s revenue for the quarter was up 70.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.09 EPS. equities research analysts predict that RenaissanceRe Holdings Ltd. will post -8.85 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.32 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.01%. RenaissanceRe’s payout ratio is -28.01%.
RenaissanceRe declared that its Board of Directors has approved a share repurchase program on Friday, November 10th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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